Uber agrees to sell Southeast Asia business to Grab

By Admin | Published on : Mar 26, 2018 11:30 am

SINGAPORE: Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said in a statement on Monday, marking the U.S. company’s second retreat from an Asian market.

As part of the transaction, Uber will take a stake of 27.5 percent in the Southeast Asian company, Grab said in a statement.

Expectations of consolidation in Asia’s fiercely competitive ride-hailing industry were stoked after Japan’s SoftBank Group Corp made a multi-billion dollar investment in Uber. (Reporting by Aradhana Aravindan; Editing by Edwina Gibbs)